Paulson, banks announce 'Project Lifeline' for homeowners

RileyMcDermid

NEW YORK (MarketWatch) -- The U.S. Treasury, Housing and Urban Development and major U.S. lenders, including Bank of America
BAC, +1.02%
Citigroup
C, +1.23%
JPMorgan Chase & Co.
JPM, +0.67%
Wells Fargo & Co.
WFC, +0.80%
Washington Mutual Inc.
WM, +0.16%
and Countrywide Financial Corp.
CFC, -4.22%
on Tuesday introduced a program called "Project Lifeline" to aid beleaguered U.S. homeowners by offering a 30-day freeze option on some foreclosures. Project Lifeline will apply to all loan types, including prime, subprime and Alt-A mortgages, as well as home-equity and second-lien loans, according to Treasury Secretary Henry Paulson. HUD Secretary Alphonso Jackson added that only half of all lenders in foreclosure had contacted their lenders about workouts.

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